An Alternative Explanation for Drop in Labor-Force Participation

It's believed that the decline is due to discouraged job seekers giving up. Not so, writes JPMorgan's David Kelly, who argues that the truth has implications for investors.

(Editor's Note: This is an excerpt of a longer report written by Kelly, global chief strategist with JPMorgan Funds.)

Slow growth and mediocre job creation have been common themes used to describe the U.S. economy in recent years, as both the labor market and broader economy failed to produce the snap-back rebound many expected following the deep recession seen in 2008 & 2009.